Wauwatosa-based Wangard Partners announced Tuesday that it has received approval from the U.S. Department of Housing and Urban Development (HUD) for a loan guarantee for $9.6 million in financing for a 68-unit apartment building it will build in downtown Milwaukee.
The 6-story building will be located at 1910 N. Water St., and will be called 1910 on Water. Two vacant homes on the site will be demolished.
The $9.6 million in financing for the project, which will be guaranteed by HUD, will be provided by St. Paul, Minn.-based Oak Grove Capital.
The apartments in the building will range in size from 540-square-foot studios to 1,100-square-foot two-bedroom units. The first two levels of the building will have indoor parking.
The financing is expected to close in 30 to 40 days, said Wangard executive vice president Wayne Wiertzema. Construction will begin immediately after closing and will take 12 months to complete.
Wangard executives are confident that there is significant demand for apartments in the downtown area.
“The Water Street neighborhood in Milwaukee has an unprecedented demand for new and modern apartments,” said Stewart Wangard, president of Wangard Partners. “Occupancy rates are at historically high levels.”
